Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Shape Memory Alloys Market size was valued at USD 19.06 billion in 2024 and is set to exceed USD 89.15 billion by 2037, expanding at over 12.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of shape memory alloys is evaluated at USD 20.98 billion.
The major element influencing the market growth is a rise in the number of data centers. Currently, about 7,999 data centers are present all across the world. Hence, with this, there has been growing research for deployment of shape memory alloys in data centers. Data centers consume a huge amount of energy and also tends to heat up. Hence, with the deployment of these alloys, the energy efficiency is set to improve data centers, further optimizing airflow.
Additionally, the expanding range of applications for SMAs has worked as an opportunity for improvements in SMA technology. The performance and dependability of SMAs are improved through the development of new alloys and production processes. The fact that these materials are vital for numerous industries also means that this market tends to get more attention and assistance from various governing bodies in the form of advantageous incentives and regulations.
Shape Memory Alloys Market: Growth Drivers and Challenges
Growth Drivers
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Rising Demand for Automotive
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Approximately 65 million vehicles were sold around the world in 2021, however the total sales rose to about 66 million in 2022. Hence, the adoption of shape memory alloys is also set to rise. Shape memory alloys have many potential applications in the automobile sector, especially in light of upcoming advances. Shape memory alloys are going to be crucial to the automation of cars in the future, despite the fact that they are currently mostly utilized in the cooling circuit or to operate mixing valves. The construction of automated automobiles requires actuators. Noiseless phase shift is possible with nickel-titanium-based shape memory alloys. Therefore, systems and actuators centered around shape memory alloys work and respond softly, avoiding any unwelcome engine noise within the car.
- Growing Application of Shape Memory Alloys in Robotics
- A new class of material known as shape memory alloys has the capacity to convert thermal power into motion. It is possible to generate repeated cyclical motions and employ these alloys as thermal-mechanical actuators in robotic applications by controlling the heating and cooling of them with pulsed direct electrical current.
- Rising Deployment of Shape Memory Alloy in Fire Alarm
- A temperature-sensitive component for fire alarms is made of a shape-memory alloy. A temperature-sensitive element for fire alarms is made of a shape-memory alloy. After turning cold, this element returns to its original impressed shape shortly after being heated to a critical temperature, usually within 70° C., and it continues to retain this shape even after being cooled again. A self-holding alarm signal is triggered as a result of the element moving, either directly through closing contacts or indirectly.
Challenges
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High Cost of Raw Material - The main obstacle to the market expansion for shape memory alloys during the projection period is the costly nature of raw materials. Only a small number of companies, including the medical industry, can afford the costs and research needed to build new markets. For instance, Nitinol has a very low composition and a very expensive price. The fact that producers use it by the inch rather than the pound is one of the main issues on the market.
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Risk of Shape Memory Alloys to Health
- Lack of Awareness Regarding these Alloys
Shape Memory Alloys Market: Key Insights
| Report Attribute | Details |
|---|---|
|
Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
12.6% |
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Base Year Market Size (2024) |
USD 19.06 billion |
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Forecast Year Market Size (2037) |
USD 89.15 billion |
|
Regional Scope |
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Shape Memory Alloys Segmentation
End Use (Aerospace & Defense, Biomedical, Automotive, Consumer Electronics & Home Appliances)
The biomedical segment is poised to garner a share of about 40% over the projected period. Due to their characteristics including pseudoelasticity, biocompatibility, and damping properties, shape memory alloys are frequently employed in a variety of medical implantable devices. In addition, the current rapid advancements in the healthcare and medical sectors have generated additional demand.
Type (Nitinol, Copper-Based, Iron-Manganese-Silicon)
Shape memory alloys market from the nitinol segment is projected to gather share of approximately 50% over the forecast period due to the exceptional elasticity of nitinol alloys, that is greater than 10 to 30 times more than the comparable amount of other metals. Good strength against fatigue, biocompatibility, low impact resistance, great corrosion resistance, and superb damping capabilities are a few additional characteristics of nitinol alloys that are assisting this segment growth.
Our in-depth analysis of the global market includes the following segments:
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Type |
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End Use |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Shape Memory Alloys Industry- Regional Synopsis
North American Market Forecast
North America industry is anticipated to account for largest revenue share of 30% by 2037, backed by growing manufacturing of aircraft. In 2021, the number of general aviation aircraft in the US fleet was projected to increase to roughly 204,404 aircraft. On the contrary hand, the number of aircraft in the fleet of for-hire carriers fell to approximately 5,814 units. It is anticipated that in 2022, there will be about 6,869 carrier aircraft that are available for lease. Additional factors encouraging the market size in this region include considerable bioengineering research and development.
APAC Market Analysis
The shape memory alloys industry in Asia Pacific is also estimated to have significant growth over the forecast period. Due to lower costs of production and straightforward access to raw materials, automobile and other manufacturing industries have experienced rapid expansion. As a result, this factor is also anticipated to promote market growth in the years to come.
Companies Dominating the Shape Memory Alloys Market
- Dynalloy, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Fort Wayne Metals
- SAES Getters S.p.A.
- Nitinol Devices & Components
- Admedes GmbH
- Memry Corporation
- Confluent Medical Technologies
- Metalwerks
- Johnson Matthey
- Endosmart GmbH
Recent Developments
- NASA's Glenn Research Centre in Cleveland and Fort Wayne Metals are developing shape memory alloy material technology for cutting-edge rover tires that could aid the agency's Artemis moon exploration ambitions. Previously, the two companies worked together to develop highly engineered Nitinol materials for a variety of aerospace applications, including the usage of these materials in the prototype spring tires for Mars rovers. The two organizations are currently working together to produce the first Nitinol materials for a variety of lunar applications as well as research the expected operating conditions on the moon.
- Following agreements agreed between the parties on October 25, 2021 and subsequently formalized, SAES Getters S.p.A. disclosed the completion of the acquisition of the additional 51% of the share capital of SAES RIAL Vacuum S.r.l., of which SAES already holds 49%.
- Report ID: 5145
- Published Date: Dec 06, 2024
- Report Format: PDF, PPT
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